Forex rates differ from one financial institution to another. So selecting the best among them can be a difficult task. Let us know a few ways to get best foreign exchange rates.

1. 5 Ways to get Best Foreign
exchange rate

2. Importance of Foreign Exchange
Foreign travel can become expensive, if you do not keep
track of the currency exchange rate while borrowing or
spending cash.
Still, there are many ways to get the best foreign exchange
rate on all your money dealings, without even referring to
the currency market.
For availing the best exchange rate, you are not required to
pay all your expenses or do all your spending in cash only.
These 5 ways will help you secure the best currency
exchange rate.

3. Use credit card for purchases
• Credit card companies get better exchange
rate than others
• Many credit card companies only charge
for their service, and do not include
currency conversion charges in it
• They can be used at any counter or
shop, irrespective of country or place

4. Withdraw huge sums using
debit card
• Banks charge transaction fees on their
debit cards, so avoid using them for
purchases
• Only withdraw large amounts when
possible for saving transaction fee
• You will get the best exchange rate for
money withdrawn using debit card

5. Contact Local Banks for
exchanging money
• Again, Banks obtain better exchange rates
and the local banks in the foreign country
will give you best exchange deal
• Transactions fee charged by local banks is
much lower in comparison with home
bank
• Safer way to exchange money

6. Avoid Currency Exchange
Agencies at Airport and Hotels
• Currency exchange agencies charge heavily
on transaction fees
• Despite of providing updated foreign
exchange rate, these agencies instil
additional processing fees
• They do not offer negotiations and
bargains like local currency dealers

7. Use Traveller’s Cheques
• More secure than cash
• Can be replaced in case of theft or loss
• Widely accepted at many places around
the world and their association with banks
help to get best exchange rate
• Popular in many European countries